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Entries for Available for Sale and Trading Securities The following information is available for Barkley Company at December 31 2014 regarding its investments Securities Cost Fair Value

^(Entries^for^A^vailable-fo^r^-Sale^and^T^rading^Securities)^The^following^information^is^available^for

Barkley Company at December 31, 2014, regarding its investments.

Securities	Cost	Fair Value
3,000 shares of Myers Corporation Common Stock	$40,000	$48,000
1,000 shares of Cole Incorporated Preferred Stock	25,000	22,000
	$65,000	$70,000

Instructions

^(a)^P^r^epa^r^{e the adjusting entry (if any) for 2014, assuming the securities a}^r^{e classified as trading.}

^(b)^P^r^epa^r^e^the^adjusting^entry^(if^any)^for^2014,^assuming^the^securities^a^r^e^classified^as^available-

^fo^r^-sale.

^(c)^Discuss^how^the^amounts^r^eportedⁱⁿ^the^financial^statements^a^r^e^a^f^fected^by^the^entriesⁱⁿ

^{(a) and (b).}

Jun 18 2020 View more View Less

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Entries for Available for Sale and Trading Securities The following information is available for Barkley Company at December 31 2014 regarding its investments Securities Cost Fair Value

Answer (Solved)

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